Abstract
Europe showed signs of recovering in 1987 from the downturn in oil- and gas-related activities following the 1986 oil price collapse. Statistics showed a lessening decrease, compared with 1986, in licensed acreage (down 19%), seismic exploration (down 14%), exploratory drilling (down 32%), and development drilling (down 10%). Crude oil production rose 2% and natural gas production was up 4%. Better news was a 20% increase in new-field wildcat discoveries, which numbered 85 in 1987 compared to 79 in 1986. The North Sea produced 34 discoveries, with 20 coming from the British sector. Italy reported 23 finds, an increase of 1 from 1986, despite drilling 18% fewer wells, and France bested its 1986 record with 7 discoveries from 51% fewer wells. Development drilling was emphas zed over exploratory drilling in 1987 by 492 wells to 428 wells.
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